UK Budget Unveiled: Tax Hikes and Economic Strategies

Chancellor Rachel Reeves unveiled the UK's budget, highlighting tax increases, including property levies and online gambling taxes to raise £26 billion. Measures to combat inflation, such as energy bill cuts, were announced. However, a leak of economic forecasts overshadowed the budget’s release, prompting an investigation by the Office for Budget Responsibility.

In a decisive move, UK Chancellor Rachel Reeves rolled out the Labour government's budget packed with significant tax rises, aiming to generate approximately £26 billion. Key measures target properties and online gambling, sparking debate over the fiscal strategy during an economically tense period.

To counteract inflation, Reeves revealed inflation-easing policies, such as slashing energy bills and removing the two-child benefits cap. However, freezing income tax thresholds raised eyebrows, dragging almost 2 million individuals into higher tax categories, causing public concern.

An unintended leak of forecast data from the Office for Budget Responsibility overshadowed the budget's unveiling. The premature release has prompted an ongoing investigation, stirring reactions in the global markets and drawing mixed responses from the business sector.

(With inputs from agencies.)